RAHSA: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
RAHSA
Largest movements
- Receivables within one year -€35,126
down €35,126 (-32.6%), from €107,674 to €72,547
of which Trade receivables: -€21,428
- Stocks and contracts +€14,332
up €14,332 (+111%), from €12,927 to €27,259
- Financial fixed assets -€14,059
down €14,059 (-44.5%), from €31,603 to €17,544
- Tangible fixed assets +€6,318
up €6,318 (+17.8%), from €35,559 to €41,877
of which Land and buildings: +€4,255
- Cash -€4,717
down €4,717 (-34.9%), from €13,523 to €8,806
mainly Trade debts (-€51,613) and Stocks and contracts (-€14,332)
- Trade debts -€51,613
down €51,613 (-46.8%), from €110,285 to €58,671
- Profit (loss) carried forward +€18,462
up €18,462 (+86.3%), from -€21,396 to -€2,934
- Other debts -€9,625
down €9,625 (-24.2%), from €39,689 to €30,065
- Tax, wage and social debts +€9,524
up €9,524 (+59.9%), from €15,906 to €25,429
of which Taxes: +€8,410
- Gross operating margin +€22,145
up €22,145 (+40.2%), from €55,143 to €77,288
- Staff costs -€5,950
down €5,950 (-32.3%), from €18,399 to €12,449
- Depreciation +€2,900
up €2,900 (+32.7%), from €8,878 to €11,778
- Taxes +€1,346
up €1,346 (+19.1%), from €7,064 to €8,410
- Other operating charges -€1,306
down €1,306 (-21.5%), from €6,087 to €4,781
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €201,285 | €168,033 | -€33,252 | -16.5% |
| Fixed assets | 21/28 | €67,161 | €59,421 | -€7,741 | -11.5% |
| Tangible fixed assets | 22/27 | €35,559 | €41,877 | +€6,318 | +17.8% |
| Land and buildings | 22 | €2,354 | €6,609 | +€4,255 | +181% |
| Plant, machinery and equipment | 23 | €26,781 | €30,108 | +€3,328 | +12.4% |
| Furniture and vehicles | 24 | €3,430 | €3,179 | -€250 | -7.3% |
| Other tangible fixed assets | 26 | €2,995 | €1,980 | -€1,015 | -33.9% |
| Financial fixed assets | 28 | €31,603 | €17,544 | -€14,059 | -44.5% |
| Current assets | 29/58 | €134,124 | €108,612 | -€25,511 | -19.0% |
| Stocks and contracts in progress | 3 | €12,927 | €27,259 | +€14,332 | +111% |
| Stocks | 30/36 | €12,927 | €27,259 | +€14,332 | +111% |
| Amounts receivable within one year | 40/41 | €107,674 | €72,547 | -€35,126 | -32.6% |
| Trade receivables | 40 | €89,636 | €68,207 | -€21,428 | -23.9% |
| Other amounts receivable | 41 | €18,038 | €4,340 | -€13,698 | -75.9% |
| Cash at bank and in hand | 54/58 | €13,523 | €8,806 | -€4,717 | -34.9% |
| Total equity and liabilities | 10/49 | €201,285 | €168,033 | -€33,252 | -16.5% |
| Equity | 10/15 | €3,604 | €22,066 | +€18,462 | +512% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€21,396 | -€2,934 | +€18,462 | +86.3% |
| Amounts payable | 17/49 | €197,682 | €145,967 | -€51,714 | -26.2% |
| Amounts payable after more than one year | 17 | €31,802 | €31,802 | = | 0.0% |
| Other amounts payable | 178/9 | €31,802 | €31,802 | = | 0.0% |
| Amounts payable within one year | 42/48 | €165,880 | €114,165 | -€51,714 | -31.2% |
| Trade debts | 44 | €110,285 | €58,671 | -€51,613 | -46.8% |
| Suppliers | 440/4 | €110,285 | €58,671 | -€51,613 | -46.8% |
| Taxes, remuneration and social security | 45 | €15,906 | €25,429 | +€9,524 | +59.9% |
| Taxes | 450/3 | €15,615 | €24,025 | +€8,410 | +53.9% |
| Remuneration and social security | 454/9 | €291 | €1,404 | +€1,113 | +383% |
| Other amounts payable | 47/48 | €39,689 | €30,065 | -€9,625 | -24.2% |
| Remuneration, social security and pensions | 62 | €18,399 | €12,449 | -€5,950 | -32.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,878 | €11,778 | +€2,900 | +32.7% |
| Other operating charges | 640/8 | €6,087 | €4,781 | -€1,306 | -21.5% |
| Non-recurring operating charges | 66A | - | €20,000 | +€20,000 | |
| Gross operating margin | 9900 | €55,143 | €77,288 | +€22,145 | +40.2% |
| Operating profit (loss) | 9901 | €21,778 | €28,280 | +€6,502 | +29.9% |
| Financial income | 75/76B | €19 | €27 | +€8 | +40.4% |
| Recurring financial income | 75 | €19 | €27 | +€8 | +40.4% |
| Financial charges | 65/66B | €942 | €1,435 | +€493 | +52.3% |
| Recurring financial charges | 65 | €942 | €1,435 | +€493 | +52.3% |
| Profit (loss) for the period before taxes | 9903 | €20,855 | €26,872 | +€6,017 | +28.9% |
| Income taxes | 67/77 | €7,064 | €8,410 | +€1,346 | +19.1% |
| Profit (loss) for the period | 9904 | €13,792 | €18,462 | +€4,671 | +33.9% |
| Profit (loss) for the period to be appropriated | 9905 | €13,792 | €18,462 | +€4,671 | +33.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.